As Ripple Dominates Over Banks Centralization Questions Still Linger

The process of transferring money internationally is still painfully slow and expensive. Despite major technological improvements, international bank transfer services are still very basic. There are certain changes that need to be made to make money transfer a quick and painless process. This is at least what Ripple is telling everyone. With its RippleNet service, this company aims at making international cash transfer services as seamless and efficient as possible.

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Reviewed by Ellen Johnson

As Ripple Dominates Over Banks Centralization Questions Still Linger

The target of RippleNet will be SMEs and the business world as a whole. Recently, Ripple used its online platforms to criticize the archaic money transfer system that is still in place. The company highlighted the negative effects of this old infrastructure on business. The company wants RippleNet to be offered as the solution that will remove the inefficiencies caused by the system in place.

Indeed, the international money transfer system is very costly. Not only do businesses incur huge costs as a result of delays but the effect of inflation and exchange rates also make the process of sending money unpleasant. The current system thus leaves businesses at a loss while the financial institutions take all the profit.



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Ripple is a company that has a long reputation in the financial technology world. The company owns ripple (XRP), a cryptocurrency that is doing well in the market. Ripple also has an established payment system and RippleNet will use the available infrastructure to ensure that international payments are fast, secure and less costly. The company says that the payment system will provide many benefits which include automation of services. 

There are already projected statistics that show that there is a ready market for such a service. Most of the developing markets would benefit from a fast service that allows the transfer of small payments internationally. China, Brazil, and India will, for instance, account for the largest share of small international payment remittances. Experts forecast that this market of payments will grow by over 3%.

Ripple's innovation has been crucial for various areas of the financial technology world. The company already boasts of a formidable payment service that traverses the global. Its ability to network with financial institutions has put it as the lead in the industry. As Ripple claims, its technology has made it possible for entities to enjoy a fast, seamless service that boosts business and provides security.

There have been concerns in the industry, however. Some pundits have claimed that Ripple has essentially taken the role of a centralized institution since it acts as a bank. The company has nevertheless defended itself by saying that even though it was bound to gain profits from transactions, the core of its system remains to be decentralized. The company argues that the XRP Ledger is still a decentralized system that relies on consensus.

The footprint of Ripple is unquestionable. The company has products like xRapid and xCurrent as well as its latest entrant - RippleNet. The company's XRP Ledger is also built in accordance with blockchain principles that are accepted in the market. Ultimately, the company has the majority ownership of these tokens either directly or indirectly. The entry or exit of the tokens on the market would thus affect the price.

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